Scacpa's Weekly Federal Tax Update

Lynn Nichols Federal Tax Update Podcast April, 18 2019, Episode 37 Listen as Lynn Nichols provides commentary on 6 Items pertaining to current developments in U.S. tax law.  IRS Explains Negative Tax Basis Capital Reporting Requirement The IRS has responded to taxpayer concerns about a new partnership reporting requirement by providing definitions and real-world examples of what’s required to be handed over to partners, but some practitioners are surprised by the clarifications. [Tax Notes Today; 4/8/2019, article by Eric Yauch]   IRS Denies Exemption to Organization Formed to Support Accident Victim The IRS denied tax-exempt status to an organization established to raise funds for an accident victim and his family because the organization is serving private rather than public purposes. [LTR 201911008, 12/20/2018, rel. 3/15/2019]   (a) IRS Revises Practice Unit on Tax Home Determination The IRS has revised a prior international practice unit on tax homes for purposes of section 911 to provide its sta